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  • Katia Lopes - TI1010533 Ass3

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    Katia Lopez
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    This document summarizes an accounting assignment that analyzes situations at a company called Mariea Corp. for compliance with GAAP principles. It identifies two issues: 1) Land was reported at its fair value rather than cost, violating GAAP. 2) The president decided not to classify assets and liabilities as current and non-current, which is also not allowed. The document also lists several business activities and asks the student to classify each as operating, investing, or financing.

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    This document summarizes an accounting assignment that analyzes situations at a company called Mariea Corp. for compliance with GAAP principles. It identifies two issues: 1) Land was reported at its fair value rather than cost, violating GAAP. 2) The president decided not to classify assets and liabilities as current and non-current, which is also not allowed. The document also lists several business activities and asks the student to classify each as operating, investing, or financing.

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    © All Rights Reserved
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    14 views2 pages

    Katia Lopes - TI1010533 Ass3

    Uploaded by

    Katia Lopez
    This document summarizes an accounting assignment that analyzes situations at a company called Mariea Corp. for compliance with GAAP principles. It identifies two issues: 1) Land was reported at its fair value rather than cost, violating GAAP. 2) The president decided not to classify assets and liabilities as current and non-current, which is also not allowed. The document also lists several business activities and asks the student to classify each as operating, investing, or financing.

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    © All Rights Reserved
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    of 2

    Introduc on to Accoun ng

    Assignment 2

    Student Name: Ka a Lopes


    Student ID: TI1010533
    Date: 30 aug 2023

    1. Instruc ons:

    For each of the above situa ons, iden fy if GAAP principles are being followed
    correctly or have been violated.

    Marie a Corp. had the following repor ng issues during the year:

    A. Land with a cost of $208,000 that is intended to be used by the company


    as a building site was reported at its fair value of $260,000.
    The cost was 208 but its fair value its more, 260,000. Using the correct terms
    its correct.

    B. The president of Marie a, Deanna Durnford, decided it wasn’t necessary


    to classify assets and liabili es as current and non-current as she expects
    to operate the company only for another 10 years.
    She can’t do what she want, because there is a standards to be followed in the
    registers.

    2. Classify each item by type of business ac vity—opera ng (O), inves ng


    (I), or nancing (F).

    a) O________ Cash received from customers


    b) O________ Dividends paid to shareholders
    c) I________ Common shares issued to investors
    d) F________ Money borrowed from a bank
    e) I________ Purchase of an o ce building
    f) O________ Salaries paid
    tt
    fi
    ti
    ti
    ti
    tt
    ti
    ti
    ti
    ffi
    ti
    ti
    ti
    ti
    ti

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